South Korean funeral company reports $33M loss on leveraged ether ETF bet
Bumo Sarang, a South Korean funeral company, reported a significant loss of approximately $33 million due to a risky investment in a leveraged ether ETF. The company used customer prepaid funeral funds to invest in a crypto mining-related ETF, which saw its value plummet by around 83%. This incident highlights the potential risks associated with leveraging customer funds in volatile markets.
- ▪Bumo Sarang disclosed an unrealized loss of roughly 49.3 billion won, about $33 million.
- ▪The company invested 59.5 billion won into the T-REX 2X Long BMNR Daily Target ETF.
- ▪The ETF, linked to BitMine Immersion Technologies, lost approximately 83% of its value.
Opening excerpt (first ~120 words) tap to expand
South Korean funeral company reports $33M loss on leveraged ether ETF bet Bumo Sarang used customer prepaid funeral funds to buy a 2x leveraged ETF tied to a crypto mining company, and it went about as well as you'd expect. Share Add us on Google by Editorial Team May. 20, 2026 A South Korean funeral services company called Bumo Sarang has disclosed an unrealized loss of roughly 49.3 billion won, approximately $33 million, after plowing customer prepaid funds into a leveraged ETF linked to a crypto mining firm. The investment, originally worth 59.5 billion won, had cratered to just 10.2 billion won by the end of 2025.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Crypto Briefing.
Discussion
0 commentsMore from Crypto Briefing
